Fed keeps interest rates at 23-year high

By Agence France-Presse

May 03, 2024 12:30 am

WASHINGTON: The US Federal Reserve on Wednesday held interest rates steady for a sixth straight meeting, keeping the level at a 23-year high to fight stubborn price increases.

After a two-day gathering, the central bank decided unanimously to keep the benchmark lending rate unchanged at 5.25-5.50 percent, citing a 'lack of further progress' toward its 2-percent inflation target.

Federal Reserve Bank Chairman Jerome Powell appears on a TV camera monitor as he announces that interest rates will remain unchanged during a news conference at the bank’s William McChesney Martin building on Wednesday, May 1, 2024, in Washington, D.C. PHOTO BY CHIP SOMODEVILLA/GETTY IMAGES NORTH AMERICA/GETTY IMAGES VIA AFP

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